BEIJING, July 4 -- China National Petroleum Corp,
China Petrochemical Corp and two other Chinese companies will
bid for oil and gas exploration rights in southeast Iraq as energy
demand rises in the world's fastest-growing economy.
The two parents of PetroChina Co and China Petroleum & Chemical
Corp, as well as China National Offshore Oil Corp and Sinochem
Corp, have started to assess fields in Iraq, Zeng Xingqiu, Sinochem's
chief geologist, told Bloomberg News Thursday.
China, which relies on imports for about half of its crude-oil
needs, is seeking investment in overseas petroleum fields to satisfy
growing energy demand from an economy that expanded 10.6 percent
in the first quarter.
"Sinochem has completed evaluating 10 small fields in southeast
Iraq," Zeng said. "The biggest risk is political uncertainty
in that region. It's difficult to predict when we can produce
oil from the fields."
The four Chinese companies are among 41 globally that have been
allowed by the Iraqi government to bid for exploration rights,
he said.
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